1974 Budget Act
Definition
The 1974 Budget Act, also known as the Congressional Budget and Impoundment Control Act of 1974, was a law that established the modern budget process in the United States. It created procedures for setting federal budgetary priorities and increased Congress's control over the budget.
Analogy
Imagine you and your friends want to plan a trip together. The 1974 Budget Act is like creating a detailed itinerary with everyone's input on where to go and what to do. It ensures that no one person has all the power in deciding how the trip will be organized.
Related terms
Federal budget: The federal budget refers to the government's plan for spending and revenue collection. It outlines how taxpayer money will be allocated.
Appropriations: Appropriations are funds set aside by Congress for specific purposes or agencies within the federal government.
Impoundment: Impoundment occurs when the president refuses or delays spending funds appropriated by Congress.
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